Notable growth is happening in the Roanoke Region. Newly released data on employment growth show Roanoke is not only outpacing Virginia, but also exceeding Northern Virginia, Richmond, and Hampton Roads.
Over the past 12 months, employment grew by 1,200 jobs or 1.3 percent compared to 0.9 at the state level.
Employment gains were mainly in professional and business services, education and health, manufacturing, leisure, and hospitality.
And that’s not all.
Job growth and the talent that fuels it, are complemented by the low cost of living in the Roanoke Region.
Cost of Living Index: Market
|Region/Market||Cost of Living Index|
|Washington, D.C./Northern Virginia||153.0|
|Virginia Beach/Norfolk/Newport News||94.5|
- The overall cost of living is the lowest of major metros in Virginia and 10 percent below the national average (ACCRA, Q2 2019).
- Housing costs are particularly attractive at 20 percent below the national mark.
- Industrial electric costs are lower than many comparable markets (Edison Electric Institute, Winter 2018).
- Construction costs are 12 percent below the national average (RS Means 2018).
“The numbers indicate a vibrant regional economy with employers retaining and growing a talented workforce,” said Beth Doughty, executive director of the Roanoke Regional Partnership.